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Yen Denominated Green Bonds


REC Limited, a Maharatna and a Central Public Sector Enterprise (CPSE) under the Ministry of Power, has achieved a significant milestone by issuing its inaugural Japanese Yen (JPY) 61.1 billion green bonds under the Global Medium Term Notes Programme.


GS III: Indian Economy

Dimensions of the Article:

  1. Yen Denominated Green Bonds by REC Limited
  2. About REC Limited

Yen Denominated Green Bonds by REC Limited:

  • REC Limited’s eleventh international bond venture and its inaugural Yen Bond issuance.
  • The first Yen Green Bonds issuance by any Indian Public Sector Undertaking (PSU).

Time Period and Yields:

  • Bonds issued for 5-year, 5.25-year, and 10-year periods.
  • Yields at 1.76%, 1.79%, and 2.20% for the respective timeframes.

Significant Records:

  • Largest Euro-Yen issuance in South and South East Asia.
  • Largest Yen-denominated issuance from India.
  • Largest non-sovereign Yen-denominated issuance in South and South East Asia.

Investor Interest:

  • Witnessed interest from Japanese and international accounts.
  • Orders split at 50% from both Japanese and international investors.
  • International allocation among the highest for any Indian Yen deal.

Bond Ratings and Listing:

  • Rated Baa3/BBB–/BBB+ by Moody’s, Fitch, and JCR, respectively.
  • Bonds to be listed exclusively on the Global Securities Market of India International Exchange (India INX) and NSE IFSC in GIFT City, Gandhinagar, Gujarat.

About REC Limited:

  • Central Public Sector Undertaking under the Ministry of Power.
  • Engaged in financing projects across the power sector value chain, from generation to distribution.
  • Registered with the RBI as a Non-Banking Finance Company (NBFC), Public Financial Institution (PFI), and Infrastructure Financing Company (IFC).


February 2024